Schlumberger has announced its commitment to achieve net-zero greenhouse gas (GHG) emissions by 2050.
Schlumberger has announced its commitment to achieve net-zero greenhouse gas (GHG) emissions by 2050. With minimal reliance on offsets, the plan is focused on reducing Scope 1, 2 and 3 emissions across the oil and gas value chain.
Using 2019 as a baseline year, Schlumberber will reduce Scope 1 and 2 emissions 30% by 2025; Scope 1 and 2 emissions by 50% and Scope 3 emissions 30% by 2030.
Olivier Le Peuch, chief executive officer, Schlumberger, said: ‘Our net-zero target is inclusive of total Scope 3 emissions; this is a first in the energy services industry.’
In verifying its targets, Schlumberger said that it will ensure transparency in alignment with the Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Boards (SASB) frameworks.
The decarbonization plans are focused on operational emissions; customer emissions; and carbon-negative actions. Currently, 75% of Schlumberger’s baseline GHG footprint comes from the technologies its customers use.
The company’s Transition Technologies Portfolio will address fugitive emissions, flaring reduction, electrification, well construction emissions, and full field development solutions. To quantify the impact of these technologies, Schlumberger has developed a framework that enables standardization of measurement, benchmarking through net-footprint comparisons, and ultimately better-informed technology selection during planning.
